Sec. 502. CEO and chairman of the board of directors required to be different individuals
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The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by inserting after section 39 the following: Except as provided in subsection (b), an issuer that is required to prepare a proxy statement under section 14(a) may not have the same individual simultaneously serving in the position of chief executive officer (or any equivalent position) of such issuer and chairman of the board of directors (or any equivalent position) of such issuer, and an individual may not simultaneously serve in both such positions. Subsection
(a)shall not apply in the case of a small capitalization company (as defined by the Commission by regulation) if, by shareholder vote, the shareholders elect for such subsection not to apply. . The Securities Exchange Act of 1934 is further amended by striking section 14B. The amendments made by this section shall apply beginning on the date that is 2 years after the date of the enactment of this Act.
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Sec. 502
CEO and chairman of the board of directors required to be different individuals
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